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Photo by David Hall / Crain's Detroit Business
Even the iconic tiger in front of Comerica Park was clothed — in Red Wings gear and snow — Monday after cold and snow blanketed Detroit and the rest of Southeast Michigan.

Talmer plans $230M IPO

Troy-based Talmer Bancorp Inc., the holding company for Talmer Bank and Trust, filed a registration statement with the U.S. Securities and Exchange Commission Friday for an initial public offering that it hopes will raise about $230 million.The price per share and number of shares to be offered have yet to be determined. but it will trade on Nasdaq under TLMR. It is expected the IPO will occur before the end of February.

David Provost, the president, chairman and CEO of the bank and president and CEO of the holding company, was unavailable for comment but told Crain's in the past that one purpose of an IPO would be to finance a major expansion into the Chicago market, where it has a small presence.In the filing, the bank said it planned to use the proceeds to pay debt of $35 million and the remainder for a long laundry list of possibilities under the heading of "general corporate purposes."

On the move

• Faye Alexander Nelson, 60, president and CEO of the Detroit RiverFront Conservancy, is leaving the organization she helped form to become president of the DTE Energy Foundation and vice president of public affairs for DTE Energy Co., effective Feb. 17.

• Brenda Jones, 54, was chosen as Detroit City Council president in a 5-4 vote by council members. In another 5-4 vote, George Cushingberry Jr., 61, was named president pro tempore. Both positions come with four-year terms.

• Dan Dirks, former general manager of the Suburban Mobility Authority for Regional Transportation, was chosen as the next director of the Detroit Department of Transportation by Mayor Mike Duggan.

• General Motors Co. named Paul Edwards, executive director of GM's global marketing, as vice president of U.S. marketing for Chevrolet. Edwards, 44, replaces Chris Perry, who resigned last month, and will report to Chevy's global marketing chief, Tim Mahoney.

• Timothy Wadhamswill step down as president and CEO of Taylor-based Masco Corp. Feb. 14 and be replaced by Keith Allman, current group president of plumbing and North American cabinet businesses at Masco, the company said. Wadhams, 65, will serve on the board until his current term expires in May.

• Michael Tierney, executive vice president of personal financial services at Troy-based Flagstar Bank, announced he will resign at the end of this month. Tierney is a former president and CEO of the bank and its holding company, Flagstar Bancorp Inc.

• The Detroit Regional Chamber named Glenn Stevensas vice president of MichAuto and strategic development. Stevens is a senior VP of membership and sales at the Troy-based Original Equipment Suppliers Association.

• Annis Stubbs is stepping down as executive director for the Detroit office of Teach for America to become the national organization's senior vice president, strategy, innovation and operations. Tiffany Williams, vice president of regional management in Detroit, will be interim executive director.

• Top editor Bryan Gottliebis leaving after less than a year at the Metro Times, the new owner of the Detroit alt-weekly newspaper said. Cleveland-based Euclid Media Group bought the Metro Times and three sibling weeklies from Scranton, Pa.-based Times-Shamrock Communications in a deal announced Dec. 23. The interim editor will be Vince Grzegorek, editor of sibling publication Cleveland Scene Magazine.

Company news

• Detroit-based Compuware Corp.announced it reached an agreement ending a takeover bid launched in December 2012 by Elliott Management Corp., a New York City-based hedge fund. As part of the restructuring plan by Compuware, the company sold three business units to Marlin Equity Partners, a Los Angeles-based private equity company, for $160 million.

• Detroit Medical Centerlaunched the largest Obamacare sign-up campaign in Southeast Michigan as more than 60 organizations and elected officials agreed to participate in the DMC-led Path to Health program.

• Japanese supplier Nippon Seiki and its affiliates agreed to pay a $4.56 million civil settlement for price-fixing its instrument panel clusters. The development is part of an expansive U.S. Department of Justice auto parts antitrust investigation that has resulted in fines of more than $1.8 billion and guilty pleas from 23 companies and 25 executives.

• Rhode Island-based RBS Citizens Financial Group Inc. announced it agreed to sell its Charter One branches and small-business operations in the Chicago area to Minneapolis-based U.S. Bancorp for about $315 million.

• Plymouth Township-based Delphinus Medical Technologies Inc. said it received permission from the U.S. Food and Drug Administration to begin selling its devices for early stage detection of breast cancer. The company, housed in the Michigan Life Science and Innovation Center, uses ultrasound to make 3-D images of breast tissue, resulting in fewer false positives than traditional mammography.

• Loehmann's, a New York-based discount retailer that traces its roots back to 1921 and has locations in Farmington Hills and Troy, began liquidating its inventory after filing for bankruptcy protection in December. It was the company's third bankruptcy filing. Loehmann's has 39 stores in 11 states.

• A study last year by Michigan State University researchers indirectly found that McLaren Health Care Corp.'s proposed 200-bed hospital in Clarkston could become a financial success by filling its beds with paying patients based on Roemer's law. The largely accepted health policy principle holds that health care markets that increase available beds also increase per capita hospital utilization and costs.

• Southfield-based Federal-Mogul Corp.is buyingHoneywellInternational Inc.'s friction materials business for about $155 million. The deal includes manufacturing plants in China and Romania.

• Old National Bancorp, a bank holding company based in Evansville, Ind., said it acquired Ann Arbor-based United Bancorp Inc. in a $173.1 million transaction expected to close in the second quarter.

• The Society of St. Vincent de Paul Detroit and two East Coast nonprofits with Michigan operations obtained a preliminary injunction against Houston-based American Textile Recycling Services, preventing the company from removing their donation bins from local sites.

• Farmington Hills-based Aco Hardwareis joiningAce Hardware. Aco, which closed 14 of its Michigan stores in August, has begun sales at 26 locations to clear inventory. The remaining 52 Aco stores will become Great Lakes Ace stores over the next six months.

• Fowlerville Ford is one of nine U.S. auto dealerships that will settle deceptive advertising charges as part of a nationwide investigation by the Federal Trade Commission dubbed Operation Clear Steer.

• The Detroit Tigers signed shortstop Jose Iglesias, 24, to a one-year contract. The team didn't disclose financial details, but New York Post baseball columnist Joel Sherman reported that the deal is worth $1.65 million.

Other news

• Detroit Emergency Manager Kevyn Orr formally approved the duties and salary of new Mayor Mike Duggan, who will be paid $159,000. Orr's office also announced the temporary suspension of an emergency order freezing accrued benefits and preventing new employees from joining the city's General Retirement System.

• A 10-year agreement that protects union dues in the Taylor School Districtshould stand, according to an administrative law judge. The deal was made last year, just weeks before Michigan's right-to-work law took effect.

• Bobby Ferguson, a Detroit contractor convicted of corruption with former Mayor Kwame Kilpatrick, was ordered by a federal judge to pay $6.2 million. The money would go to the Detroit water department, which awarded lucrative contracts to Ferguson, who is serving a 21-year sentence.

• The Michigan Department of Technology, Management & Budget announced the state's seasonally unadjusted jobless rate was at 7.8 percent in November, down from 8.3 percent in October.

• The Southeast Michigan Purchasing Managers Indexfell in December to 50.6, from 58.3 in November. A level above 50 indicates economic growth; the average over the past three months is 57.3.

Obituaries

• Former Wayne County Circuit Judge Leonard Townsenddied Dec. 30. He was 79.

• City Administrator James Scharret, who worked for Southfield for nearly 40 years, died Jan. 9. He was 71.

• Todd Lloyd, 51, president of Madison Heights-based Chair Covers & Linens, and Christopher Neumann, vice president for Weber Shandwick public relations, died Jan. 6 when a single-engine plane piloted by Lloyd crashed near Traverse City.